With Eaton involved in so many different areas of business, from aerospace and automotive to hydraulics and more, it would stand to reason that the diversification should insulate the company from weakness.

"Here's the thing, though, despite being a fabulously run company, back at the beginning of August, headlines from Eaton's quarter were considered not so hot," Cramer said.

On August 2nd Eaton reported a lower-than-expected quarterly profit and the company cut the top end of its full-year earnings outlook, citing slower market growth.

However, earnings headlines don't always paint the whole picture.

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After sifting through the data, Cramer said his takeaway was largely that "Eaton's weakness in the electrical business was mainly caused by the not-so-healthy economies of Europe and China," Cramer said.

Otherwise, many other metrics were good if not impressive. For example, Eaton's second-quarter net income rose to $494 million, or $1.04 per share, from $382 million, or $1.12 per share, a year earlier, when Eaton had far fewer shares outstanding.

And, Eaton was able to increase its operating profit margin to 15.6 percent, from 14.7 percent a year earlier..